ITT Corporation (ITT) is a global diversified manufacturing company based in the United States. The firm participates in global markets including water and fluids management, defense and security, and motion and flow control. Forbes.com awarded the company the top spot in the conglomerates category of its list of "America's Best Managed Companies" for 2008.
The company's water business is the world's largest supplier of pumps and systems to transport, treat and control water, and other fluids. Its defense electronics and services business is one of the ten largest US defense contractors providing defense and security systems, advanced technologies and operational services for military and civilian customers. Its motion and flow control business manufactures specialty components for aerospace, transportation and industrial markets.
The company was founded in 1920 as International Telephone & Telegraph (IT&T). During the 1960s and 1970s, under the leadership of its CEO Harold Geneen the company rose to prominence as the archetypal conglomerate, deriving its growth from hundreds of acquisitions in diversified industries. IT&T divested its telecommunications assets in 1986, and in 1995 spun off its non-manufacturing divisions, later to be purchased by Starwood Hotels & Resorts Worldwide.
In 1996, the current company was founded as a spinoff of IT&T as ITT Industries, Inc. and changed its name to ITT Corporation in 2006.
In 2011, ITT spun off its defense businesses into a company named Exelis, and its water technology business into a company named Xylem Inc.